When you’re considering buying a home in the Bow Valley, it’s important to work with an agent who can advise you of the local Land Use Bylaws and both risks and advantages of owning property in the various areas of town.

Once Clare and Mary-Anne have identified your specific wants and needs for owning a mountain home, they will advise you of all the homes that fall within your search criteria and highlight the ones that work best for your lifestyle.

You will be continually notified of new listings, price changes and recent sales on homes that fall within your search criteria. Ultimately, this is the best way to stay informed on the activity within your targets.

When you work with Clare and Mary-Anne, you will have direct access to all new home listings that come on the market. This includes new developments, our exclusive listings and any other home for sale in the Bow Valley.

Need a recommendation for a Home Inspector, local Lawyer, builder, mortgage broker or trades persons? This team can assist you every step of the way and are always happy to help navigate you towards experienced, trust worthy businesses and resources.

 

ONE OF THE MOST UNIQUE PLACES TO LIVE

As an international destination, real estate in the Bow Valley is sought after by people from all over the world. Canmore has a large number of international homeowners which is just one of the many components that help properties retain their resale value.

Currently we are experiencing a housing crisis by which residents are finding there aren’t enough properties for rent to sustain the demand for full time accommodation.

Vacancy rates continue to hover around 0-1% which are driving the cost of rental rates to an all time high and in some cases are causing people to leave town.

Many of our buyers who plan to one day retire in Canmore are making the choice to buy now and pay down their mortgage by operating their home a rental until such times are they can live here full time.

 

Who is buying property in Canmore?

It’s hard not to fall in love with this little mountain town. Often we’ll have visitors from abroad or even just from around the province who come to holiday or road trip and end up making the choice to live the mountain lifestyle and live here full time.

Many Canmore residents even commute to Calgary for their careers but still choose to reside in the Mountains.

For many, living in Canmore is their dream for the future. In the meantime, they own a property here and occupy it part time, mostly weekends and holidays until such times when they can retire or transition to remote careers or start a new business here in the valley.

ZONING

There are several types of zoning that directly impact how a property can be occupied within the town of Canmore.

Recreational/ Visitor accommodation: Generally you will find that this type of zoning is associated with a condo hotel. In most cases this will be an apartment style condo that has a front desk and housekeeping staff that operate the complex as a nightly hotel rental. These condos can be purchased by anyone and homeowners can choose to participate in the revenue generating hotel revenue or not. Rental income generated from these condo hotels vary depending on the complex.

Owner usage will depend on the complex but there are resitrictions on how long an owner may occupy the suite. Homeowners are not permitted to occupy these properties are their primany residence as per the town bylaw. Recreational/ visitor accommodation zones homes are commercial properties, therefore you may not obtain a conventional mortgage for financing. In most cases you will need to arrange for a line of credit, equity home loan or cash purchase to own this type of real estate. Please note that owning a commercial property means paying commercial taxes and purchases are often subjected to GST each time the property changes hands.

List of complexes and addresses with this zoning:
Stoneridge Mountain Resort
The Lodges of Canmore
Blackstone Mountain Resort
Falcon Crest
Windtower
Fire Mountain Lodge
Mystic Springs
Solara

 

Residential: This type of zoning is designed for full time living or rental. The town restricts these homeowners from operating short term (less than 28 days) rentals from these homes. Long term rentals (longer than 28 days) are permitted. Residential home owners pay a smaller percentage of property tax.

 

Tourist Home: This type of zoning has no restriction on home owner usage, long term or nightly rentals. Owners who operated their units as a business as short or long term rental will be subject to the higher tax amount while owners who reside full time in the property can apply to the town for a reduced rate.

Sample Locations:
Canmore Crossing
Canmore Place
Rundle Cliffs Lodge

 

Need to Reside: Much like other mountain towns such as Jasper, you must have the “need to reside” in order to buy in order to buy a property for your own personal usage in Banff. Anyone can buy a property as a rental as long as the occupants have this “need to reside”. In short you must be employed or own a business in the National Park to qualify.

 

Affordable Housing: Not to be confused with the PAH (Perpetual affordable housing), these two complexes are (Insert addresses) are designed for full time residents. The occupant must work in the Bow Valley for a minimum of 20hrs or more per week.

Clare McArdle

403.679.9797
Century21Logo

 

3-702 8 Street
Canmore, AB
T1W 2B6

Mary-Anne Kamenka

403.678.7719

To inquire about your home’s value or to schedule a home evaluation please contact us below.

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